Tax Deductions

[justintyme8303]

So what deductions are there for Married couple with kids no longer as dependents? Beside claiming 0, upping the 401K, and having more kids what else can we do?

[Boomerang]

Hillary Clinton Foundation...

[Catarina]

set up a dba and go buy some hunting trips

[doppelganger]

Charity and church contributions


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[doppelganger]

Finance a new primary residence


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[jaspermac]

Hsa account if your coverage allows

[hooligan]

In addition to the above if you office out of your house you can do a lot. Also, sales tax, medical bills (I think it has to be over 10% of your income), there's a ton you can write off if you take the time

[doghouse]

If your in a certain tax bracket you can get a little relief from medical expenses and RX drugs.

[grassmaster]

Add to an IRA account or... make less money

[Bretto22]

Buy new toys for work related reasons!! Got to get a deer lease to take my clients huntin for doin business w us!!

[justintyme8303]

I do work from home some days for the 9-5 job and also I am a lic real estate agent part time so what do I need to start doing or keeping track of so I can write it off for 2017? Any way to go back and use the same things for 2016?

We have in years past looked at itemizing buy never have enough so looking to change that for years to come.

Not looking to hide money in other accounts like IRAs we need every dime we can get to keep paying off dept. We have about 800 a month right now we are systematically throwing at bills to pay things off faster.

So just looking to pay Uncle Sam less at the end of the year.

[BULL21]

As said above, if you use the office out of your home, figure the square foot of the office, and calculate the percentage it is of your total home. Take that percentage of bills of the home and deduct. Clothing for your real estate business, miles driven for your business, sales tax on large purchases, etc.

[Raypo]

As said above, if you use the office out of your home, figure the square foot of the office, and calculate the percentage it is of your total home. Take that percentage of bills of the home and deduct. Clothing for your real estate business, miles driven for your business, sales tax on large purchases, etc.

At home office is the #1 trigger for an audit. Tread lightly...

[HOOKNBULLET2]

Find a competent CPA in your area. Not all are created equal. Had the first one tell me "you make a lot you pay a lot". My current CPA is an "educator". He doesn't tell me what to do, but educates me on what the current tax laws are and how best to utilize them. He saved me 100 times what I paid him. Unfortunately, he's retiring and I'll be on the hunt for a new CPA this year.

[txlawdog]

At home office is the #1 trigger for an audit. Tread lightly...

Yep, had a friend who did not document like they should have, was not pretty. Seems his "business" was more of a hobby. Common from what I hear. With the good ole IRS you are guilty until they think you are innocent. Not all agents really know the rules so make darn sure you have your documentation. The dream of not owing anyone sure makes for some no deduction years on your returns. I just thought I wanted my son to grow up and move out, took my darn dependent deduction with him.......